Tag: Small and Medium Enterprise (SME)

In the current economic environment, there are various reasons why small and medium enterprises (SMEs) would require an audit of their annual financial statements. An audit could be required by law in terms of the Companies Act of South Africa, the company’s memorandum of incorporation, the bank during an application for funding, potential investors, or the regulators in the industry in which that SME operates (or any other legislation).

To navigate an increasingly challenging economy, and position themselves for long-term growth, small business owners need new processes, ways of working and technologies to boost their productivity. Over 80 percent of small businesses rely on printing to run their business, according to a survey of small business owners conducted with Morning Consult.

How small businesses manage growth, and the expansion of their teams is always a hot topic. We are often asked how best to go about it as many businesses make the mistake of thinking growth and expansion is directly linked to their staff complement, yet this could not be further from the truth.

As Small and Medium Enterprises (SMEs) increasingly migrate to digital channels, fraudsters have taken advantage of the opportunity to revive the old Advanced Fee Fraud (419 scam), duping businesses to make upfront payments for good and services, without the intention to deliver, or pay sums of monies, in advance, to facilitate the payment of loans or promised funds. 

In March this year, in a much-publicised interview (Neal Froneman gets frank about the lows, and highs, of doing business in South Africa), Sibanye-Stillwater CEO Neal Froneman heavily criticised the state of South Africa’s economy and government, citing a lack of leadership.

President Cyril Ramaphosa declared youth unemployment a national priority in his newsletter ahead of Youth Day this year, saying that youth unemployment is a 'huge mountain to climb' but that efforts were underway to address the challenge.

The turbulent geopolitical climate is creating uncertain economic conditions across the globe. In South Africa, several unique challenges are worsening the effects of global risk factors, including load shedding, hefty fuel hikes and ongoing inflationary increases.

Technology adoption has played a huge role in how Small and Medium Enterprise (SME) navigated the past two years. Some businesses have used their tech to stay connected to their team and customers, while others found digital solutions to be the difference between closing their doors and maintaining a regular income.

South Africa has the sixth highest rate of cybercrime victims worldwide, according to a report by international cybersecurity company Surfshark. Following the breach of President Cyril Ramaphosa’s personal data by hackers, consumers have been cautioned to remain vigilant when visiting websites and making online transactions.

Although Eskom and government provide support for large renewable energy projects designed to bridge the power gap on a number of levels, there is still an important piece missing from these initiatives.